Every year, Forex trading gains more popularity. This is because more investors are learning about trading in financial markets and the potential it holds. People realize they can make money even with a small investment.

However, it’s crucial to find a trustworthy broker that lets you withdraw your earnings. That’s why TU experts have created the Forex Scammer List in Philippines, to help potential clients avoid risks and make informed choices.

List Of Blacklisted Brokers

Not all companies claiming honesty are reliable. Often, scammers pretend to be legitimate brokers, leading to potential loss of savings.

Below is the Forex Scammer List by Traders Union analysts, featuring untrustworthy brokers known for failing obligations, money extortion, and transaction issues. TU experts highlight details and fraud signs to protect you from falling victim to these scams.

This Panama-based company falsely claimed regulation, failed to meet obligations, and manipulated trading processes. Signs of this scam include no legal basis, manipulation, negative reviews, withdrawal issues, bonus conditions, and account blocking.

Manipulated software, false advice, and drained deposits characterize BFSforex. Lack of legal documents, controlled trading, and no support are telltale signs of this scam.

Negative reviews, fund drainage, false advice, abnormal spreads, and withdrawal refusals are signs of MaxFX’s scam. Despite parent company TOPFX being registered, MaxFX shows signs of fraud.

Unlicensed offshore NAS Broker enticed beginners with false promises. Signs of this scam include offshore registration, negative reviews, account blocking, hidden fees, and manipulation.

Initially reputable, Panteon Finance turned out to be a scam with financial extortion and withdrawal issues. Growing negative reviews, fund drainage, unrealistic leverage, and technical failures mark this scam.

5 Steps To Verify A Forex Broker’s Legitimacy

As each year passes, the number of Forex scams keeps increasing, with scammers creating new ways to deceive people before negative reviews appear online. To avoid falling into their traps, experts at Traders Union suggest considering these crucial factors:

Make sure the broker is operating legally and holds licenses from reputable authorities.

  • Regulatory Authority Database:

Check the broker’s license directly on the regulatory authority’s website to confirm its legitimacy.

  • Evaluate Broker’s Website:

Trustworthy brokers provide comprehensive information about their strategy, legal details, risk disclosure, contracts, payment methods, and customer support.

Be cautious of brokers promising guaranteed profits or secret schemes; authentic brokers focus on execution and support.

Real customer reviews give you insights into a broker’s reputation and reliability.

Useful Tips From Experts

Safeguarding your investments and ensuring secure trading is crucial. TU analysts provide five key tips for using the Forex market safely:

Choose brokers regulated by reliable financial authorities for oversight and fraud prevention.

  • Be Cautious of High-Risk Brokers:

Research and choose brokers with solid reputations and transparent practices to avoid high-risk promises.

  • Watch for False Guarantees:

Stay alert to brokers promising guaranteed profits or insider info, as legitimate success in Forex involves risk.

  • Beware of Automatic Trading:

Avoid brokers offering automated systems promising big profits with minimal effort, as they can lead to losses.

Ensure a broker’s website is secure (https://) before sharing personal data. Confirm their contact info and search for any reported scams.


As Forex trading gains popularity, so do scams. The experts compiled a Forex Scammer List in the Philippines, helping you avoid risks and make informed choices. Not all seemingly honest companies are reliable, and scammers often prey on investors. The list highlights untrustworthy brokers known for various scams. Additionally, the experts offer five essential steps to verify a broker’s legitimacy and provide useful tips to ensure secure trading.

By mrtrv